Making Tax Digital (MTD) has happened for those who are VAT Registered.
The countdown is now on to a wider roll out of the MTD scheme in 2020.
Now if you’re not already using a cloud accounting application, we would highly recommend you do. Find out how by contacting us
Here’s 5 benefits of cloud based accounting:
Time is money, and never has a truer word been spoken.
When it comes to using a cloud based accountancy package, like QuickBooks, you will be saving time.
QuickBooks learns as you enter more data, so it will start to recognise repetitive transactions marking them as Rent, electricity and so on.
That, along side simple and easy to use invoicing, punching in numbers is a thing of the past.
Accessing your accounts, at one time of day, was solely limited to the office.
With the dawn of mobiles and apps, you can now access your accounts virtually anywhere with an Internet connection.
Simply search for your accounting software within the app or play store and you’re away.
With you being able to access the software from anywhere, you can send invoices on the go and in a matter of clicks, or taps.
Since reconciliation and filing has all been taken care of thanks to these apps, you will be able to focus on aspects of your business that are important to you.
One for the biggest time savers is being able to manage your business without the hassle of going to the office and sit with your accountant for the day.
So shake off the flip flops, I mean the work shoes, and focus on other areas of your business.
Manual accounting, no matter how good you think you are, there is always that risk of an error, after all its human nature to make mistakes.
With cloud accounting the system will auto correct errors on your financial records.
Alongside this it will also check for duplicate entry, ensuring you don’t have to.
Once again saving you both time and money.
Quick back up and strong security
Remember the old cash book, and ledgers?
In the event of a fire or security breach these records would of been lost forever.
However, cloud accounting is both safe and secure with cloud accountancy firms, like QuickBooks, investing millions in ensuring your accountancy records are secured with the highest possible encryption.
Alongside this, and no matter how good we think technology is, it will break when we don’t want it to.
Fortunately, cloud based accountancy providers provide backup services enabling your records to be backed up securely and automatically.
So in the event of disaster, your records are safe.
Categorised in: Help and Guidance